连亏4年，华天酒店卖子求生能否破局？

Core Viewpoint - Huatian Hotel Group reported a significant decline in revenue and net profit for the first three quarters of 2025, continuing its trend of losses since 2022, and announced plans to divest a subsidiary to improve asset liquidity and operational efficiency [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 398.1 million yuan, a decrease of 12.52% year-on-year [2]. - The net profit attributable to shareholders was -156.2 million yuan, down 39.99% year-on-year [2]. - In Q3 2025, revenue was 144.95 million yuan, a decline of 2.60% year-on-year, with a net profit of -49.5 million yuan, representing a 50.87% decrease [2]. Cash Flow and Financial Ratios - The net cash flow from operating activities was 22.74 million yuan, a significant drop of 61.57% year-on-year [2]. - Basic and diluted earnings per share were both -0.0486 yuan, down 50.93% year-on-year [2]. - The weighted average return on equity was -3.49% for the current period, compared to -1.49% in the previous year [2]. Asset and Equity Changes - Total assets at the end of the reporting period were approximately 4.5 billion yuan, a decrease of 2.78% from the previous year [2]. - Shareholder equity attributable to the parent company was 1.39 billion yuan, down 10.08% from the previous year [2]. Subsidiary Divestment - The company plans to publicly transfer 70% of its subsidiary, Yongzhou Huatian City Real Estate Co., Ltd., with a minimum transaction price of 52.54 million yuan to optimize its asset and business structure [3]. Legal Issues - Huatian Hotel recently lost a second-instance lawsuit regarding a land dispute, resulting in a payment obligation of 9.27 million yuan plus overdue interest, with the total amount involved in the case reaching 143 million yuan [4]. - Additionally, a subsidiary faced a first-instance loss in a construction contract dispute, with potential liabilities of 2.38 million yuan [5].